Business briefing.

Enron Corp.

Oregon Oks Power Firm's Buyout Of Portland General For $3.1 Billion

June 05, 1997|By Bloomberg News.

SALEM, Ore. — Enron Corp. said Wednesday it received Oregon's approval to buy Portland General Corp. for $3.1 billion, an acquisition that will let one of the largest U.S. power companies expand its West Coast operations.

The Oregon Public Utility Commission approved an agreement that Houston-based Enron and the commission staff reached in April.

Enron agreed to cut electricity prices for the utility's 600,000 customers by $141 million in the first four years after the acquisition.

Portland General shareholders will vote June 24 on the agreement, which gives 0.9825 share of Enron for each Portland General share.

The offer is worth $39.54 a share. It also would assume $1.1 billion of debt.